UAE Ministry of Foreign Trade Director General lauds cooperative Emirati-Russian property investments at IPS Moscow 2008

The first transactional trade and public property exhibition in Russia welcomes over 100 exhibitors and more than 15,000 trade visitors to almost 5,000 square metres of exhibition space.

Among the prominent UAE exhibitors attending the event are Damac Properties, Schon Properties, The First Group, Dynasty Zarooni Inc., and Estate 400.

In his speech, H.E. referred to the important role of the real estate industry in enhancing the economies of both the UAE and Russia.

He also urged participants to continue accommodating Russian business and investment prospects and supporting IPS Moscow.

H.E. Abdullah Al Saleh said:

"The UAE is following this Show with much interest, as Russian investors are expected to bring at least USD 1.5 billion in additional investments to the country as 2008 winds down. The UAE and Russia both share productive experiences in real estate development; this industry is in fact the source of around 30 per cent of the UAE's national revenue. As home to several world-renowned, iconic developments, we can attest to the effectiveness of this industry and our country's comprehensive economic diversification program in spreading out our income-generating sources and thus bringing us closer to our goal of sustainable progress and prosperity."

Russia's foreign direct investments to the country rose from $14.6bn in 2005 to around $45bn in 2007.

The country's real property sector alone posted record investments of more than $4.2bn in 2007 and has emerged as one of the top three contributors to domestic revenue.

UAE reflects a similar growing dependence on real estate as a key economic driver, with ongoing projects in the capital city of Abu Dhabi alone estimated at around $544bn.

IPS Moscow 2008 will feature a full spectrum of services for industrial, commercial, residential, and holiday properties, bringing together property dealers, agents and owners; corporate investors; portfolio managers, contractors and solution providers.

Almost a third of the event's participants are UAE companies.

The trade show will be open from 10:00 am to 6:00 pm during its three-day run.